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Posted: March 12, 2010
MIT Clean Energy Prize announces semi-finalists who will compete for a $200,000 grand prize
(Nanowerk News) The MIT Clean Energy Prize (MIT CEP) organizing team today announced 24 semi-finalist teams that will compete for a $200,000 grand prize provided by NSTAR and the United States Department of Energy to be awarded on May 11, 2010 for the most innovative clean energy solution.
The 24 teams represent some of the most promising clean energy technologies and business ideas coming out of universities this year. All teams, which are comprised by at least 50% students along with industry specialists, represent 14 different colleges across the country from MIT to the University of Southern California. When the Advanced Research Projects Agency – Energy recently awarded grants to 37 companies out of over 3,500 that applied, two of the 37 were prior MIT CEP semi-finalists (FastCap Systems and FloDesign Wind Turbine).
This year’s semi-finalists cover a wide range of applications including: C-Crete Technologies, which has developed a nano-engineered concrete that is not only stronger than conventional concrete, but that also reduces CO2 emissions, repaper solutions, a product that reduces paper waste by allowing users to print, clean and reprint on the same paper; and Agavenol, a biotechnological venture that provides agave plants as an alternative ethanol feedstock for the Western USA, avoiding transportation of feedstock from the Corn Belt states. For a full list of the 24 semi-finalists please visit: www.mitcep.org.
The semi-finalist teams were selected by a panel of prominent industry leaders, academics and government officials. Judging criteria included not only technology innovation and clean energy impact, but also knowledge of the target market, financial strategy, and chemistry and commitment between the team members.
“We’re really excited about the quality of the entries this year,” says Janet Lin, MIT Sloan MBA 2010 and co-managing director of the Clean Energy Prize. “The teams are extremely committed to turning these fledgling ventures into real businesses, creating real jobs, and ultimately having a real impact on society.”
The winning team of each category will be awarded cash prizes provided by sponsors, including; EnerNOC, which specializes in energy management; EDP, which focuses on the generation of electricity and distribution of electricity and natural gas; Highlands and Islands Enterprise, the Scottish Government’s economic and community development agency; Schneider Electric, a global specialist in energy management, especially in energy and infrastructure; the Massachusetts Clean Energy Center, a quasi-public agency which serves as a support center for the clean energy sector, investing in new and existing companies; and MIT’s Clean Energy Ventures Executive Education Class.
Between now and the competition finals in May, teams will continue to refine their business plans while receiving extensive mentoring. Each team will be matched with an industrial energy expert mentor, and a legal mentor to help them advance their ventures. Finalist will be announced during a public ceremony in Boston on May 3rd.
About MIT CEP
MIT CEP is organized and run by students enrolled in MIT’s science and engineering schools as well as those from MIT Sloan School of Management. It works in partnership with MIT’s $100K Entrepreneurship Competition. Since its launch in 1989, the MIT $100K has facilitated the birth of approximately 120 companies with aggregate exit values of $2.5 billion captured and a market cap of over $10 billion. These companies have generated approximately 2,500 jobs and received $600 million dollars in venture capital funding.
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